SCI Supports FAST’s First AGM

April 17 2009, Atlanta Georgia

SCI coordinator Jason Potts participated in the first annual general meeting of the Finance Alliance for Sustainable Trade (FAST) at the recent Specialty Coffee Association of America's (SCAA) annual conference in Atlanta Georgia. Mr Potts, who currently serves as President of the board of directors for FAST, formally thanked FAST's donor organizations and acknowledged their support as a critical contribution towards the establishment of the organization.

The SCI's role in the development of FAST dates back to 2003, when discussions among members of the SCI's Sustainable Coffee Partnership identified improving producer access to finance as a key strategy in achieving its core objectives of enabling the adoption of more sustainable practices across commodity markets.

The SCI took the lead in convening FAST stakeholders at the SCAA's annual conference in 2005 and 2006 and continued to lead the process, along with steering committee participants, towards FAST's formal establishment as an non-profit organization in 2007. SCI consultants in Montreal, Toronto, Geneva and the UK played a key role in engaging FAST stakeholders, generating support for the organization worldwide and launching the Montreal based secretariat.

FAST is currently exploring diverse mechanisms for improving the provision of affordable finance to sustainable producers while reducing risk for lenders. The SCI has teamed with FAST through the Committee on Sustainability Assessment (COSA) to improve information on the impacts of sustainability initiatives. The provision of such information will help quantify where social, economic and environmental impacts are positive, and will provide a foundation for increased finance and investment. COSA information on the risks that producers face, and the financing gaps that needs to be filled, will help financial service providers determine where investment is most needed and most feasible.

FAST has also partnered with the SCI's Sustainable Commodity Assistance Network (SCAN) to improve producer access to financial literacy and risk management training. SCAN has established a broad global framework for supporting sustainable enterprises in areas such as; good agricultural practices, financial literacy and risk management, market information, internal control systems and traceability, and organizational development. FAST will provide key inputs into the development of SCAN's financial literacy and risk management materials and training activities.

Read more about FAST on their website: www.fastinternational.org